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<br />I <br /> <br />System Ju~ior Lien Bond Fund on or before the 10th day of each <br /> <br />month, not less than one-fifth of the next maturing interest pay- <br /> <br /> <br />ment and one-tenth of the next maturing principal payment until <br /> <br />the funds and/or investments in the Water and Sewer System Junior <br /> <br />Lien Bond Fund are sufficient to pay debt service requirements on <br /> <br />'the outstanding Bonds for the then current year plus a debt service <br /> <br />,reserve in the sum of $82,000, and thereafter, such sums as may be <br /> <br />necessary to pay when due the then current year's debt service and <br /> <br />maintain a debt service reserve in the amount of $82,000. <br /> <br />(c) There is hereby created and ordered to be established, <br /> <br />and the City shall maintain in a bank which is a member of the <br /> <br /> <br />Federal Deposit Insurance Corporation, so long as any of the Bonds <br /> <br /> <br />are outstanding, a "Water and Sewer System Replacement and Repair <br /> <br />Fund", into which the sum of $650, or such portion thereof as is <br /> <br /> <br />available, shall be deposited on or before the lOth day of each <br /> <br />month from the net revenues of the combined water and sewer system <br /> <br />until the funds and/or investments therein shall amount to $39,000. <br /> <br />Funds in said Water and Sewer System Replacement and Repair Fund <br /> <br /> <br />shall be used to pay for any extraordinary repairs or replacements <br /> <br />to the System for which funds are not otherwise available and to <br /> <br />pay maturing principal or interest on the Bonds when funds in the <br /> <br /> <br />Water and Sewer System Junior Lien Bond Fund are inadequate for <br /> <br />such purposes. Whenever any funds are paid out of said Water and <br /> <br />Sewer System Replacement and Repair Fund, payments into the <br /> <br />account shall be resumed and continued until such time as the <br /> <br />account has been restored to the level of $39,000. <br /> <br /> <br />Subject to the foregoing, which are cumulative, any balance <br /> <br />in the Water and Sewer System Revenue Fund may be used for the <br /> <br /> <br />purpose of paying the cost of unusual or extraordinary maintenance, <br /> <br />repairs and replacements, or for extensions and improvements Which <br /> <br />will ei ther enhance the revenue -producing capacity of the \lja tel' and <br /> <br /> <br />Sewer System or provide a higher degree of service, or for acquir- <br /> <br />I <br /> <br />,I <br /> <br />- 15 - <br />